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The S&P 500 and Dow Jones Industrial Average pulled back from record levels Tuesday following the release of disappointing consumer confidence data.
The blue-chip index gained 17.09 points to 42,141.74, still, another record high.
The much-broader index recovered 12.16 points to 5,730.73.
The NASDAQ Composite sprang back up 108.51 points to 18,082.75.
Despite Tuesday’s moves, the major averages were headed for solid monthly gains. The Dow was up 1.4% in September. The S&P 500 is up 1%, and NASDAQ has risen 1.2%. Some of those gains come as investors grow hopeful that lower rates from the Federal Reserve will drive economic growth and boost profits.
Visa dropped nearly 4% following a Bloomberg report that the Justice Department is preparing to file an antitrust lawsuit against the credit card network and payments processor.
Smartsheet shares surged more than 6% after Blackstone and Vista Equity Partners agreed to buy the software maker for $56.50 a share in cash, or about $8.4 billion. Unless another offer is made, the deal is expected to close by January 2025, pending shareholder approval.
Consumer confidence fell to the lowest level in more than three years for September, the Conference Board said on Tuesday. The Board’s Consumer Confidence Index pulled back to 98.7 for the month, down from 105.6 in August and below the 104 Dow Jones consensus estimate.
The data follows a warning from JPMorgan Chase CEO Jamie Dimon about geopolitical instability “getting worse” and being his “biggest caution.” Dimon added that the worrisome backdrop could influence “the state of the economy” moving forward.
Prices for the 10-year Treasury were unchanged, leaving yields at Monday’s 3.75%.
Oil prices forged higher $1.11 at $71.48 U.S. a barrel.
Gold prices hiked $15.20 to $2,667.70 U.S. an ounce
